[car home Industry] At the beginning of 2024, BYD took the lead in the new car market, and BYD Qin drastically adjusted the price, with the starting price of only 79,800 yuan, which once again triggered a new wave of price reduction. Other brands reduced the price by increasing the quantity without increasing the price, clearing the old models, and offering time-limited discounts, which once again attracted the attention of the whole network. Behind the table, it is the heartfelt feeling of the old owners of new energy: the vehicles they hold have depreciated again. However, the market transaction volume brought about by the sharp price reduction has improved the market heat, and the value-added rate of new energy used cars did not show the expected collective decline in the first quarter.

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The car’s value preservation rate is an important factor to measure the cost performance of a car. It refers to the ratio of the transaction price of a certain car to the manufacturer’s guide price after it has been used for a period of time. The automobile maintenance rate is influenced by many factors, such as product (quality/design/configuration/performance, etc.), brand (influence, reputation, etc.), new car market (price/sales volume/market share/upgrading, etc.), used car market (market strategy/supply-demand relationship, etc.), season, region, etc., which is the embodiment of automobile comprehensive value.

Nowadays, with the development of the domestic automobile market, the proportion of secondary car purchases by automobile consumers is getting higher and higher. Consumers pay more and more attention to the maintenance rate of their cars, and predict the future use cost of vehicles through the maintenance rate. The automobile maintenance rate is not only an important reference factor for users to buy cars, but also an important monitoring index for automobile manufacturers to carry out brand management and user life-cycle value management, and it is also a key factor to get through new cars and used cars and realize user life-cycle use cost management and operation.

The report "China Automobile Insurance Rate Ranking in the First Quarter of 2024" will be interpreted in three chapters: Brand, Fuel Vehicle and New Energy Vehicle. This chapter is New Energy Vehicle.

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15 seconds to understand the core point of the full text:

1. Pure electric vehicle: Tesla sits firmly at the top of the new energy vehicle preservation rate, and gets a 20% discount after one year’s use.

2. List of pure electric cars: Tesla Model S’s hedging rate rose sharply, while the extreme Krypton 001 hedging rate declined seriously.

3, pure electric SUV list: cheap big bowl of retail C11, regained the top price of 150,000-250,000.

4. Plug-in hybrid car: Ideal L9 returned to the top of China brand, and Li ONE fell out of the list.

5. Plug-in hybrid cars: The trend of the hedge ratio of hybrid cars of traditional luxury brands is contrary to the broader market, and the hedge ratio declines.

6. Plug-in hybrid SUV: Tangxin Energy still has dominance, and its value preservation rate rose by 3.89%.

■Pure electric vehicle: Tesla sits firmly at the top of the new energy vehicle preservation rate, with a 20% discount after one year’s use.

Tesla Model 3 and Model Y did not make any big moves in the first quarter, and the used car market remained hot. Although the intelligent degree of Tesla cockpit is not small compared with the new domestic forces, its excellent power consumption performance, chassis quality, battery SOH performance and huge possession have established the brand image of Toyota and Honda in the era of fuel vehicles-not to mention materials, but affordable and reliable.

There is not much difference between the third and fifth places in the hedge ratio and Tesla. Although the new car products are accelerating the iteration, the hedge ratio of pure trams has basically taken shape-the one-year hedge ratio of head products is about 20% off the guide price. If the purchase tax reduction is included, the one-year hedge ratio of pure electric new energy vehicles with the top hedge ratio at this stage is almost the same as that of fuel vehicles with better hedge ratio.

Extreme Krypton 009 is still the most valuable car of domestic new energy. Before other pure electric MPVs have been used, extreme Krypton 009 has no strong competitors in the field of second-hand pure electric MPVs.

■List of pure electric cars: Tesla Model S’s hedging rate rose sharply, while the extreme krypton 001 hedging rate declined seriously.

Although the pure electric car with a price of less than 150,000 is still the top one, due to the price reduction of new cars, the value preservation rate dropped by 2.33% in the first quarter, and the big drop in the fourth quarter of 2023 was also continued by Euler Good Cat and Euler GT. In the face of the mushrooming iteration of competing products, it is difficult for Euler to stand out in the market by its cute appearance design. Now there are too many exquisite cars to choose from.

The champion of 150,000-250,000 pure electric cars was recaptured by Tucki P7. Tucki P7 is the first medium-sized car to accurately benchmark Tesla Model 3 among the new domestic forces. Up to now, it has a large number of cars and has perfect after-sales outlets, which is also the reason why Tucki P7′ s hedging rate rose again after a short period of pain. BYD (|) entered the list for the first time, and its hedging rate increased by 2.64% in the first quarter. The long product line of Seals made the budget range of the customer groups it covered wider. At the same time, compared with other products of its own, Seals’ design language was updated more flexibly, which was widely favored by young consumers.

Above the price of 250,000 yuan, the value-added rate of Tesla Model S has risen sharply, mainly due to the precipitation of used car samples of new Model S. The pricing of the new Model S after the upgrade of interior and powertrain is more reasonable, and it is very hot in the high-end used car market. Due to the launch of the new model, the rate of value preservation of Krypton 001 dropped by 3.99%. Although it won the champion of domestic new energy value preservation last year, it almost fell out of the breakdown list.

■List of pure electric SUVs: the cheap big bowl of retail C11, regaining the top price of 150,000-250,000.

In the list of pure electric SUVs below 150,000, Geely Geometry E Firefly and Dayun Yuehu are new cars. The fashionable design and competitive pricing are their common features, which are widely loved by young consumers.

In the price range of 150,000-250,000, the value-keeping rate of C11, a cheap big bowl, stopped the downward trend and regained the championship position. Smart Genie #1 only won the value list for one quarter. Although its product strength is good, its pricing is on the high side, and the market enthusiasm is declining. Coupled with the increase of used car sources, the value preservation rate of smart Genie #1 decreased by 3.77%.

In the range of more than 250 thousand, Model Y once again opened the gap with other competing products. Tied for second and third place are Audi Q5 e-tron and Tesla Model X. The former still enjoys good market sales by virtue of affordable second-hand car prices, quality control of traditional luxury brands and demand for second-hand car exports. Model Y is similar to Model S, and its new vehicle source gradually separates out, which improves the rate of preservation.

■Plug-in hybrid car: Ideal L9 returned to the top of China brand, and Li ONE fell out of the list.

The maintenance rate of plug-in hybrid vehicles is similar to that of new car sales, and the whole line is red in the first quarter. Originally, the market thought that plug-in was only a "transitional product" on the road of new energy development, but now the market’s recognition of plug-in hybrid vehicles has improved significantly. In the first quarter, regardless of luxury cars or new forces, the increase was very impressive. At the top of the list is still Bentley Tim Yue PHEV, and its over-100 value-keeping rate is mainly caused by its optional price of 400,000 to 500,000 yuan, and Porsche can only match it.

In terms of domestic brands, Ideal L9 still beats BYD products and becomes the most valuable domestic plug-in hybrid new energy vehicle. Li ONE fell off the list in the first quarter.

■Plug-in hybrid cars: the trend of the value-added ratio of hybrid cars of traditional luxury brands is contrary to the broader market, and the value-added ratio declines.

The champion of the list below 150,000 changed hands to BYD Destroyer 05, while BYD Qin PLUS, because the slogan of "electricity is lower than oil" was too loud at the beginning of the year, the rate of preservation declined. Although the trading volume of MG 6 New Energy, Geely Emgrand L HiP and Roewe ei6 MAX is still acceptable, compared with BYD’s products, the gap in value preservation rate is more than 10%.

In the range of 150,000-250,000, BYD Han’s value preservation rate increased by 1.44% in the first quarter. Compared with other competing products, its design did not pursue a sense of movement like a traditional car, which made BYD Han’s back row more space and formed differentiated competition. At the same time, the mature hybrid technology and lifetime battery warranty promise make it difficult for other products to challenge Han’s position in the value preservation rate of hybrid cars in the short term.

The hybrid version of Passat and Magotan, the old products of North and South Volkswagen, is also well received by the used car market because of the popularity of hybrid cars. Passat’s new energy design language is more novel, and it is slightly better than Magotan GTE plug-in hybrid in terms of value preservation rate. Nezha S failed to continue its high-gloss performance in the fourth quarter, and its hedging rate declined by 2.93%.

In the range of more than 250,000, the value-keeping rate of hybrid cars of traditional luxury brands is contrary to the trend of the broader market, and has declined one after another. There are two reasons: First, the New Deal has raised the standard of exemption from purchase tax, and the market enthusiasm is concentrated on models below 300,000. Secondly, the fuel vehicles corresponding to these vehicles have been upgraded. Due to the inventory pressure, the new cars of the old plug-in hybrid vehicles will be further enlarged, which will inevitably affect the hedging rate.

■Plug-in hybrid SUV: Tangxin Energy still has dominance, and its value preservation rate rose by 3.89%.

The top two in the list of plug-in hybrid SUVs with prices below 200,000 are still BYD Song PLUS New Energy and Song Pro New Energy. Linke 06 new energy is the first time to enter the list. 2023 brand-new family designs and good pricing range make it very competitive. Although it has not yet formed enough market enthusiasm, the new used car market is really strong. For users who like Krypton but just need a hybrid car, Linke may be a better choice.

In the price range of 200,000-400,000, BYD Tang New Energy still has the dominant power, and the rate of preservation has also increased by 3.89%. However, the two hottest cars, Li ONE and Wenjie M7, have both seen a decline in their hedging rates.

In the price range above 400,000 yuan, the performance of JEEP herdsman New Energy in the first quarter was not satisfactory, and it didn’t go up like its fuel models-herdsman players with absolute hardcore fuel don’t care much about the interior upgrade, but herdsman new energy users who are more willing to embrace new things prefer to choose new cars instead.

■tag

Plug-in hybrid vehicles, once regarded as a transitional technology, have attracted much attention in the used car market and become the mainstream of the new energy used car market in the first quarter. Although there are more traditional car companies in the hybrid track, the competition is not very fierce compared with the fuel vehicle and pure electric vehicle market because the powertrain is more complicated and the product homogeneity is relatively low. However, with the announcement of suspension of electrification in Europe, America and other countries, many international car companies pay more attention to plug-in hybrid vehicles, and the trend of fuel vehicles, pure electric vehicles and plug-in hybrid vehicles will come. (Text/car home Research Institute)

Recently, the General Office of the State Council issued the Opinions on Accelerating the Development of New Consumption with New Business Forms and New Models (hereinafter referred to as the Opinions), which is an important measure to comprehensively implement the Party Central Committee and the State Council’s work of "six guarantees", implement the task of "six guarantees", implement the strategy of expanding domestic demand, and accelerate the expansion and upgrading of new consumption.

First, lead new consumption with new formats and new models

Since the beginning of this year, the epidemic in COVID-19 has accelerated the online process of traditional offline consumption, highlighting the important role of new formats and new models in ensuring the daily needs of residents, promoting the recovery of domestic consumption and promoting economic stabilization and recovery. Summarizing and popularizing these new formats and models will help to further stimulate the vitality of consumption, promote the deep integration and organic integration of online and offline, and accelerate the development of new consumption.

(1) Accelerate the development of new retail and innovate the service model.

The epidemic situation has seriously hindered on-site consumption, and forced the circulation of agricultural products to create new modes such as "fresh e-commerce+cold chain home delivery", "non-contact distribution" and "non-contact service" and become an important force of new consumption. The Opinions emphasize "innovative non-contact consumption mode", which is not only the recognition and encouragement of the new format and new mode, but also sets a new standard for the online and offline integrated development of retail industry under the condition of normalized epidemic prevention and control.

(2) The integration and development of culture, travel and entertainment will reshape the consumption experience.

The new scientific and technological revolution triggered by information technology promotes the process of integration and transformation of culture, tourism, entertainment and other industries. The epidemic situation has accelerated the integration of culture, travel and entertainment, and shaped new models such as "live e-commerce" and "social marketing". The Opinions specifically emphasized the new modes of online entertainment, smart tourism and smart broadcasting, such as "online cultural and entertainment formats" and "live e-commerce".

(3) Social services are promoted in an orderly manner to ensure stable operation.

The digitalization process in the field of social services has also developed rapidly. Especially during the epidemic period, offline classes, education and training all turned to online mode, and medical consultation changed from on-site diagnosis and treatment to remote consultation, which ensured the smooth operation of social services.

At present, new consumption not only serves and stimulates the potential demand of consumers, but also becomes an important force to expand domestic demand; More importantly, the development of new consumption will also transmit the trend of online and offline organic integration and potential consumer demand to the upstream of the industrial chain, which will drive brand consumption and quality consumption, lead personalized customization and flexible production, and promote the coordinated development of large, medium and small enterprises and the integrated development of upstream and downstream chains, becoming the foundation and forerunner of high-quality development.

Second, accelerate the iterative upgrading of new formats and new models

In the long run, with the acceleration of the digitalization process and the accelerated integration of online and offline, the new format and new model will be rapidly iterated and continuously upgraded, and gradually form version 2.0 and version 3.0 that are more suitable for users’ needs, enhance user experience and facilitate user service. The Opinions emphasize "updating application scenarios", "innovating non-contact consumption patterns" and "exploring new retail formats", which is obviously a grasp of the law and a judgment on the trend, and is an important guide for future formats and models.

From the development trend of the new format and new mode, it has the following characteristics:

(1) Application scenarios are incubators for new formats and new models.

The "Opinions" put forward "cultivating new high-tech video formats with higher technology formats, updated application scenarios and more beautiful audio-visual experience under the condition of 5G", which is a prediction of the era of "live broadcast+". With the wide application of 5G technology, it also ushered in the era of real-time dissemination of video and live broadcast information, making it possible to broadcast and sell immediately, which will certainly promote the emergence of new application scenarios and bring about iterative upgrading of new formats and new modes. Take the WeChat applet as an example. In 2019, the transaction scale reached 800 billion yuan, a year-on-year increase of 160%. Its rapid growth benefits from the continuous updating of application scenarios, including the upgrade of WeChat search, the new live broadcast and video number. It is through the continuous expansion of application scenarios that new video formats with better audio-visual experience are brought to consumers.

(2) Intelligent wisdom is the focus of the new format and new model.

The "Opinions" proposes to "explore the development of new retail formats such as smart supermarkets, smart stores and smart restaurants". Intelligentization and intellectualization is an important trend in the process of digitalization, and it is also the focus of innovation of formats and modes at present and in the future, and it is an important power source of new consumption. From the consumer’s point of view, the new format and new mode mean that consumers have formed a recognizable, distinguishable and relatively stable business form, and it also means that its interface entrance, store configuration and marketing mix are in line with consumption habits and decision-making links. Take Hungry, Meituan as an example. In the early stage of development, we started from the catering industry and cultivated take-out as the third way of eating after cooking and eating in class. Nowadays, with the help of the bonus of traffic portal and big data research, the business has gradually expanded to the categories of convenience, fresh fruits and vegetables, green flowers, medical health, etc., showing the tendency of "sending everything".

(3) Quality brand is the vane of new format and new mode.

"Opinions" emphasizes "organizing various forms of online promotion activities to promote brand consumption and quality consumption". At present, new consumption based on online and offline organic integration and deep integration is led by young customers. In recent years, interest products such as blind box and IP model play, skin care, make-up, limited edition clothing, shoes and other products that pay attention to face value have all been sought after by young people. According to the data of Ali Research Institute, the contribution of new categories of consumer brands in China reached 44.8% in 2019, an increase of 15.2 percentage points over 2018. The new products bring double growth in China brand sales and new customers.

Third, promote domestic and international double circulation with new consumption

The "Opinions" pointed out that "enterprises are encouraged to expand the international market by relying on new consumption". New consumption is an important cornerstone of the domestic cycle and an important starting point for promoting the international cycle.

(A) the new consumer guide supply and demand adaptation.

From the perspective of domestic circulation, a series of new formats and new models formed by the integration of online and offline development are important achievements of the consumption experience and matching experiment of supply and demand, and brand consumption and quality consumption are the important focus of the reform of the supply system led by new consumption. The development of new consumption has continuously improved the adaptability between supply and demand of China’s economy. In the long run, the accelerated layout of new infrastructure, such as 5G, artificial intelligence and Internet of Things, and the development of data centers will surely create more application scenarios for accurate and intelligent matching between the supply side and the demand side.

(2) New consumption promotes international circulation.

New consumption is not only an important means to promote the high-quality development of domestic big cycle, but also an important medium to realize the mutual promotion of domestic and international double cycles. The Opinions emphasize "fully relying on new consumption to drive the traditional commodity market to expand foreign trade", and its core is to promote the "going out" of e-commerce and digital services, and promote the "going out" of brand products and quality products.

At present and in the future, it is an important period for the great development of new consumption. The new format and new model are continuously updated and iterated, the quality brand consumption is innovated and developed, and the application scenarios and intelligent wisdom promote each other, leading the high-quality development of the domestic big cycle and promoting the mutual promotion of the domestic and international double cycles. (China Renmin University Business School Wang Qiang)